After a 24-hour low price of $45,201, Bitcoin has recently experienced a big pullback. In the midst of price dips, many exchanged bearish feelings about the price of the commodity. However, Michael Saylor, CEO of MicroStrategy, expressed his buzzing predictions about the asset.
In a recent interview with CNBC Squawk Box, Saylor predicted that 7-8 billion people will eventually have “a bar of digital gold” on their phone, which they will use to store their “life savings.”
Over the last 24 hours, some pessimistic feelings about Bitcoin seemed to have been running through the crypto Twitter rounds that happened during Bitcoin’s downward trend.
Around 22 hours ago, the U.S. Secretary of the Treasury, Janet Yellen, said digital currencies raised a number of issues. She regarded Bitcoin as a “highly speculative asset” and that the crypto is “extremely inefficient for conducting transactions.” This was followed by Bill Gates’ recent views. Gates acknowledged that he was “not bullish” on the asset and was also not pleased by Bitcoin’s instability and permanent, anonymous transactions.
According to Saylor, people are not aware of the fact that “Bitcoin is an egalitarian progressive technology.” In 12 years, he contrasted the asset’s trillion-dollar market cap achievement, which surpasses that of other tech firms that have taken decades longer.
He added that “the world wants” Bitcoin and expects “billion people” to store their value” à la “savings account” on cell phones within five years.
“They’re going to want to use something like Bitcoin…[It] is the dominant digital monetary network.”
Recent news about the settlement of Bitfinex and Tether with NYAG may also have spurred the dropping price upward. In addition, CryptoQuant’s CEO confirmed that Bitcoin whales are defending ’44K’ help.
As expected, “they” protected the 44k level.
— Ki Young Ju 주기영 (@ki_young_ju) February 23, 2021
At press time, Bitcoin surged by 6.3% in the last hour alone and was trading at $48,990 on major exchanges.
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